The Directors recognise the importance of sound corporate governance and intend that the Company will continue to comply with the main provisions of the QCA Guidelines for AIM Companies in so far as they are appropriate given the Company's size and stage of development. Accordingly, the Company has established an audit committee and a remuneration committee, with formally delegated duties and responsibilities.
The Board has established an audit committee which comprises the Non-executive Directors Sam Small and James Ede-Golightly. The audit committee is chaired by Sam Small. It will be responsible for ensuring that the financial performance, position and prospects of the Company are properly monitored and reported on and for meeting the auditors and reviewing their reports relating to accounts and internal controls.
The Company established a remuneration committee which will meet as and when required. The remuneration committee comprises the Non-executive Directors Sam Small and James Ede-Golightly with James as Chairman. It will review the performance of executive directors, set their remuneration and payment of bonuses and consider the future allocation of share options to directors and employees.